The Financial Conduct Authority publishes 2024/2025 enforcement plans

The Financial Conduct Authority publishes 2024/2025 enforcement plans

Reducing and preventing serious financial harm

Tackling financial harm in 2024/2025

The FCA’s Business Plan for 2024/25 clearly indicates that the key enforcement objective is to reduce and prevent financial crime.

The Business Plan details the intended outcomes that will guide the FCA’s approach to combating financial crime in the next 12 months, namely:

  • Decelerating the increase in investment fraud victims and losses
  • Slowing the rise in authorised push payment fraud cases and losses
  • Reducing financial crime by decreasing the incidents of money laundering in FCA-authorised firms and enhancing the effectiveness of supervision by professional body supervisors

To accomplish these outcomes, the FCA will commit itself to initiating, and continuing with, the following workstreams throughout 2024/25:

  • Augmenting its systems’ investments to use intelligence and data more effectively within its financial crime efforts. This will ensure the FCA has enough resources to target higher risk firms and activities
  • Utilising its powers more broadly to disrupt, chase, and penalise those committing and enabling financial crime
  • Concentrating on unauthorised financial promotions by augmenting its detection capabilities and requesting their removal from platforms, related websites, and social media accounts
  • Persistently raising fraud awareness through continuous campaign initiatives
  • Actively collaborating with partners, including the National Economic Crime Centre, to fortify the system-wide response to financial crime
  • Enhancing its intelligence-collection capabilities and analytics to better identify and trace potentially fraudulent activity and to lessen the average amount of money lost to scams
  • Actively assessing anti-money laundering systems and controls implemented by firms perceived as higher risk
  • Using data to target firms more likely to receive fraud proceeds and ensuring they do more to curb the flow of illegitimate funds
  • Boosting its overall supervision of firms’ sanctions systems and controls
Source: K&L Gates